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Retirement Planning for Women: Addressing Unique Challenges

Retirement

By Marjorie L. Rand, CPA, CFP®, RICP®

Women are superheroes with the world on their shoulders—so much so that planning for retirement usually ends up staying at the bottom of the to-do list. Thankfully, retirement planning for women is one of the cornerstones of my practice. As a financial planner, I work with women to help them realize their objectives with a well-thought-out financial plan that moves them closer to their goal of a meaningful and stress-free retirement. 

The Statistics Are Against You

According to the Department of Labor statistics, an idyllic retirement doesn’t happen for a large percentage of women. 

  • Only 43.5% of working women contribute to a retirement plan. 
  • Women are more likely to work part-time jobs without the ability to contribute to employer plans.
  • Studies show that women invest more conservatively than men and aren’t as confident in their financial decisions.
  • Women are more likely to take time off to care for family members, which reduces their working years.
  • American women typically earn 82 cents for every dollar earned by men.
  • The average working woman in the U.S. spends 18% more on healthcare costs than a man, which carries over into retirement because women have a higher life expectancy. 

But I’m here to say it’s never too late or too early to start planning. I can help. 

Retirement Planning for Women Is Possible

At Rand Financial Planning, LLC, I want to help you meet your goals and retire with the assets you deserve.

Here are a few non-negotiables:

If you have access to a plan, start contributing: Compounding interest is on your side and starts the minute your contribution hits your retirement account. 

Max out your contributions to retirement accounts: Even if you work part-time, you can still contribute to an IRA or Roth IRA. In 2024, the IRS allows contributions of up to $7,000 a year for each account, and for anyone over the age of 50, an additional $1,000 catch-up contribution is permitted.

Plan for higher healthcare costs: Consider long-term health insurance coverage and healthcare savings accounts (HSAs) to help you pay for certain health expenses in retirement.

Build financial confidence: Learn as much as you can to build your confidence in making investment choices. I recommend checking out my webinars, whitepapers, and blogs. Informed clients make the best decisions for their retirement. 

Believe in yourself: The gender pay gap is real and can affect your retirement. Ask for that raise. Help other women find their confidence and advocate so the next generation of women don’t face the same obstacles. 

Don’t be afraid to ask for help: I specialize in helping pre-retirees and retirees plan for a secure retirement. If you are thinking of retiring in the next 10 years or if you’re already retired, I would love to help you chart your course!

Overcoming Obstacles

You don’t have to go it alone. Yes, women have to jump over financial obstacles, but that doesn’t mean your retirement dreams can’t come to fruition with confidence and a thoughtful plan. I’m here to help you to retirement and beyond.  

Schedule a 20-minute introductory call or reach out to me at 908-895-2406 or marge@randfinancialplanning.com to see if I’m the right fit to help you on your financial journey.

About Marge

Marjorie Rand is founder and financial advisor at Rand Financial Planning, a comprehensive, fee-only, fiduciary financial planning firm based in Flemington, New Jersey. Marge specializes in helping her clients plan for a secure retirement and navigate life’s many transitions through customized, tax-efficient retirement planning. She is passionate about empowering her clients to make the best financial decisions for their life and being by their side no matter what life throws at them. Marjorie spent many years as a CPA, specializing in estates, before founding Rand Financial Planning so she could be a go-to source for all her clients’ financial needs and help them avoid costly mistakes. She has a bachelor’s degree in accounting from Rutgers University and a Master of Science in Taxation from Fairleigh Dickinson University, along with the Retirement Income Certified Professional® (RICP®) and CERTIFIED FINANCIAL PLANNER™ certifications. When she’s not working, Marge enjoys boating, horseback riding, traveling, and hiking with her husband and her dog, Rangeley. To learn more about Marjorie, connect with her on LinkedIn.

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